Indian rupee also gains big against the US dollar

The Indian rupee strengthened against the US dollar, supported by a sharp drop in Brent crude to $85.80/bbl—the lowest in three months—amid hopes of a US-Iran peace deal. The RBI intervened around the 95.50 level to support the currency, and analysts project further appreciation to 92-93 levels if the Strait of Hormuz reopens and FCNR(B) inflows materialize. The rupee had depreciated 2.2% since the start of the US-Israel conflict with Iran before recovering on the back of falling oil prices and recent RBI and government capital-attraction measures.